Skip to main content
9:20 am
♪ ♪ imus in the morning ♪ >> oil up, stocks up, gold up. and again, why? good morning, everyone, because ben bernanke's going to print 85 billion dollars a month for the rest of the year and he won't quit for a long time. he needs to. we just received very negative news on the state of the economy. and yes, he is printing and because he's printing, stocks are at a five year high and the gains will continue today. but he is facing criticism. america takes an inflation hit, as wall street rakes in the money. the mideast is a factor, the protest now seems to be
9:21 am
spreading to any symbol of the west. lebanese protesters torched a k.f.c. restaurants and sudanese stormed the embassy and the the british embassy as well. still tense in egypt, but fox news has reported the big dem separations called off in cairo and oil close to $100 a barrel and the iphone is selling out and expensive crude still sells, doesn't it? "varney & company" is about to begin.
9:22 am
9:23 am
>> friday, september 14th, perhaps the biggest result of the fed's decision to print, oil. back at the key $100 per barrel level. there's breaking news out that reflects how weak this economy is. and august production down 1.2% and that is expected to go unchanged and that's a very bad sign for the economy. and for jobs. and all right. now look at where oil is right
9:24 am
now. we were at 100 and now we're at 99.31. and gas prices are higher overnight. the national for regular, 3.87. it's off a nickel this week alone and take a look the at some of the biggest gas price spikes at individual cities the top of our next hour, now, you're looking live at pictures from cairo, egypt. and it's just after three o'clock in the afternoon local time there. friday morning prayers have wrapped up and so far, we've not seen the massive protests, but earlier this morning, protesters outside the u.s. embassy clashed with police and we will keep monitoring the situation in egypt again this morning. the outbreak of violence in the middle east is worrying jewish voters especially in light of of the controversy over support at the democrat convention, mitt romney using that in a new od targeting jewish voters in florida. >> in a new ad. >> all those delegates opposed
9:25 am
say no. i'll do that one more time. all those delegates opposed say no. >> no. >> all those delegates opposed say no. >> no. >> i, um-- i guess-- >>. stuart: that's a romney ad running in florida and we're going to talk more about this and how you the jewish community feels about all of what's going on recently coming up. he brought out the big bazooka. ben bernanke prints and prints big. 85 million a month for the rest of this year. market's anticipate, look at this, dow jones industrial average closed at 13,539 yesterday the highest close since december of 26th of 2007. in a tech heavy nasdaq market, that moved up to 3,155 highest since november 15th the year 2000.
9:26 am
year to date the nasdaq is up more than 21% that's a rally. could ben bernanke be helping president obama's reelection bid? new polls show that the president, the president is ahead in the key swing states, but we also have the latest national tracking poll from rasmussen. we will have the numbers next. plus we're monitoring events in the middle east as friday prayers come to an end. ambassador john bolton is with us. can economic prosperity ever really spread in that region? we'll ask him and he's next. [ male announcer ] what if you had thermal night-vision goggles, like in a special opsission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect.
9:27 am
td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.
9:28 am
9:29 am
9:30 am
>> breaking news. egypt's muslim brotherhood is canceling protests this afternoon and see if it's followed by the people on the streets. and we're following it closely for update two brief items in the news background today. production down a sharp 1.2%, and that's time for the economy and jobs and cpi consumer price index up .6% in the latest month and that's a bigger jump than expected and that's bigger energy prices. in the early going in morning, the dow jones industrial average pretty much flat. apple strikes again and the company is sold out of the initial inventory of the iphone 5, just one hour after it began
9:31 am
accepting pre-orders after midnight last night. what have we got? a new high for apple? >> that's right. two all time highs for apple, all on the heels of the iphone 5. here it is, 690.83. the levels are highest for apple and i have to tell you, i stepped in verizon store this morning for something else, the guy who i work with regularly, stuart, was so busy and i said what's wrong. said i'm busy with the iphone 5 orders, more than ever. more orders than ever. stuart: 690. what was it 570, two, three months ago. >> yeah, 525. not that long ago. absolutely right. stuart: and it's now worth, in my ear, it's worth 646 billion dollars and that's a market capitalization of apple and that share price, but i've got to move on. give me please, united health care because it's going to replace kraft in the dow 30. >> yeah, of course.
9:32 am
united and kraft, they buy up the indexes and united health will be the one that everybody is buying and have to buy all dow 30 components and the one they'll sell is kraft, they're going to jump out. won't begin until 21st, the close and. stuart: thank you, dow up, gold up, oil up. the situation on markets this early friday morning. across the muslim world today, people are wrapping up friday prayers and these are live pictures from cairo, and clashing with police outside the the embassy, our embassy there. yesterday, the president said he doesn't consider egypt an ally. the state department quickly corrected them and showed the situation is confused and tense. and the price of gold which is moving higher in part, because of the tensions in the middle east. joining us now, to sort it out, please, mr. ambassador, john bolton. >> glad to be here.
9:33 am
stuart: moments ago the muslim brotherhood calls off the demonstrations and overnight, president obama holds a long conversation with the president morsi, what do you make of this. >> i think that president morzy may have gotten the parentaling that his money was under consideration. and even more importantly, some experts have been saying for some time that the tuesday demonstrations were called by a party even more radical than the muslim brotherhood. this may be an invitation for them to take their people into the streets to keep the prrn up. stuart: we keep hearing it's a small group of nasty radical people, and whatever denomination, that are doing all of this. but the impression a lot of us get from looking at this video is, this is the way egypt feels about america, they hate us
9:34 am
across the board. how accurate is that. >> i think that's an accurate perception. they had, what everybody said were free and fair parliamentary elections apartment muslim brotherhood and others got 75% of the vote and i think that tells you something right there. but if there were a small group of terrorists, al qaeda, for example are in the attack in libya, small well-organized groups of the fanatic can take control of governments. bolsheviks did it in 1918. stuart: the bolsheviks? bring them into the picture? and where are we going, spreading to the sudan and also to lebanon in part. where are we going with this. >> what happens in cairo and around the arab world, we're in for a long protracted playing out of this. and yemen, the police had to open fire to protect the embassy there and i think the level of tension and violence is almost certainty to continue at a high level. all the way through the election? >> well, i don't see what stops
9:35 am
it. that's what remind me of 1979. >> what stops it, the president says you don't get another dime if you keep doing this. >>'s not going to do this. >> if he said that in the phone call to president morsi. >> i think the threat that congress will take the money away. president's policy, i believe in substantial measure responsible for the belief in the middle east that america's weakness can give them an opportunity to confront us. that's in part what's playing out here. >> ambassador john bolton, a pleasure here. >> thank you. >> back to nicole, staples share price is higher. what's this, a buy out rumor on staples? go. >> i read it in fortune today, in bloom berg and all over the buyers. a huge move. why would a stock move up 5%? so much talk about staples that some of the private equity firms may be interested in taking staples private. of course, they have their rivals, office depot and
9:36 am
officemax, but it's a hard business, right? we'll see whether or not there's any sort of leveraged buyout offer and some of the prices that include that maybe $17 a share. so, at these levels here, it really has potential to the upside, but that the offers may not come until later in the year. >> we shall see as they say. >> we have it here, right? >> you heard it here. >> i use cliches occasionally. let me wrap it up with five minutes into the trading cess. dow up 40, oil up close to a barrel. key polls from the swing states from the wall street journal nbc poll. president obama leads romney shall 49-44. and in ohio 50-43. to virginia in that swing state. obama ahead 49-44. and, but now to a national tracking poll, this is from rasmussen, and this trks likely
9:37 am
voters, very important distinction, in this poll, mitt romney leads president obama 48-45. and the election still all about the economy. so, we hear. so, here is the the question. does ben bernanke want president obama to win in november? greg valliere plays it right down the middle. it occurs to me, investors having seen ben bernanke print up a storm and the dow goes straight through the roof, investors now want president obama to win because he'll keep ben bernanke in the job, but romney would kick him out? >> that's fine. you know, i think regardless ben bernanke will resign when his term expires in january of 2014. i think that's highly likely, but what an irony. stuart: yeah, well, what do you think? do you think investors are now going to turn around on this one? i mean, up goes the dow when ben prints so keep ben? or go for mr. obama, who will certainly be in favor of
9:38 am
somebody else to keeps on printing? sure, the down side risks are obvious, if you do that, how do you unwind it, do you get an inflationary pop. it's like taking heroin, you might feel good for an hour or two, but you need more and more and more to keep that high going. let me make one point this morning, stuart. of all the people i see in washington, the two groups that are most bipartisan, politically neutral are the army generals, the pentagon types and fed people. i mean, the fed people are dovish maybe on employment. but politically are neutral and ben bernanke is sort of a generic republican, i naught he was. i don't think they're overtly trying to have obama win, but if you have somebody saying i want to fire this guy you may not be inclined to want to see him prevail. stuart: let me again go back to that question. how would governor romney get
9:39 am
elected? is it lectorally attractive. if he says i want to get rid of ben bernanke and quit printing money. because if he says that, i'm pretty sure interest rates would go straight up. >> sure. stuart: and this economy would take a hit. how do you get elected on a platform like that. >> and many people on wall street who would normally support republicans, get nervous when they say i'm going to control the fred. barney frank or ron paul, they've done fiscal policy and going to get involved in monetary policy now? i think that wall street gets leery when they hear strident rhetoric toward the fed. personally i think that romney ought to tone it down. stuart: i trust your judgment and am i right in saying that the conventional people at the moment say at that obama's got it, he's going to win? >> i'm not so sure about that, you look the at rasmussen, that poll this morning showing at ohio seven points for obama.
9:40 am
that seems high. obama is the favorite. you've got the debates and wild cards like the the middle east, that make this race still very, very volatile. stuart: you're in new orleans, i believe. >> yes, i am. behaved myself last night though. stuart: i knew that. greg valliere, thanks for joining us. just how much money is flowing out of the social security fund? we've hit another record. the numbers are staggering, and they're boosted by the amounts we now shell out in disability payments. we will have the true numbers for you, new at ten and we want to hear from you about all that we have been talking about today. e-mail us please, friday morning, seven early movers for you you, delphi, increased share returns. the stock is up 31 on delphi. and disappointing outlook for the trucking company. werner is down 7%, the biotech
9:41 am
firm, neural stem is raising money through a share sale. the stock is a buck 22. down 11%. hard drive maker, western digital cuts its revenue outlook, they don't like that, but they do. some 2%, go figure. home depot closing its last seven big stores in china, ouch. and where is it? don't have it. and southwest airlines leads the late he is round ever fare hikes, $5 each way on about 400 routes and i'll bring you the stock price later. the equipment maker, andlogic up 11% and that's worth putting up on the screen. it started with the dnc, our suddenly strained relationship with israel. delegates booing a measure to recognize jerusalem as the capital there. can the jewish vote be swayed towards romney? a new ad about to run in florida featuring that ugly exchange. we're talking about it next. >> all of those delegates opposed say no.
9:42 am
>> no. >> i'll do that one more time. all those delegates opposed say no. >> no. >> the motion is adopted and the platform has been amended as shown on the screen. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade.
9:43 am
♪ [ male announcer ] every car we build must make adrenaline pump and pulses quicken. ♪ to help you not just to stay ale... but feel alive. the new c class is no exception. it's a mercedes-benz through and through. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe
9:44 am
there's never been a better time to share your passions... because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together that's a lot of work getting that one in! let's go see the birdies. [ male announcer ] one on one, sharing what you know. let's do it grandpa. that's why humana agents will sit down with you, to listen and understand what's important to you. it's how we help you choose the right humana medicare plan for you. because when your medicare is taken care of, you can spend more time sharing your passions. wow. [ giggles ] [ male announcer ] with the people who matter most. i love you grandpa! i love you grandma! now you're a real fishman. [ male announcer ] humana.
9:45 am
wthe future of our medicare andr electiosocial security. for... man 1: i want facts. straight talk. tell me your plan... and what it means for me. woman 2: i'm tired of the negative ads and political spin. that won't help me decide. man 2: i earned my medicare and social security. and i deserve some answers. anncr: where do the candidates stand on issues that... affe seniors today and in the future? find out with the aarp voters' guide at hey, bro. or engaging. conversations help us learn and grow.
9:46 am
at wells fargo, we believe you can never underestimate the power of a conversation. it's this exchange of ideas that helps you move ahead with confidence. so when the conversation turns to your financial goals... turn to us. if you need anything else, let me know. [ female announcer ] wells fargo. together we'll go far. >> look at this please, wall street good. main street bad. yes, wall street on another rally for the dow now above 13,600. why do i say main street bad? because earlier today we got news that industrial production has dropped sharply last month indicating a weak economy and maybe indicating ben prints up a storm even more. that's why the market is up. oil, 99.56 as of right now. yeah, when ben prints, oil goes up. the president's handling of the middle east is worrying for a lot of jewish voters. 78% of that group went for president obama in 2008.
9:47 am
but now, republicans are trying to win them over with this new ad that will air during the the nfl game in florida on sunday. take a quick look at this. >> all those delegates opposed say no. >> no. >> i'll do that one more time. all those delegates opposed say no. >> no. >> all those delegates opposed say no. >> no. >> i, um-- i guess-- >>. stuart: all right. there you saw the ad running in florida and joining us now is rabbi, welcome to the program. >> good to be here. stuart: 78% of the jewish vote went to obama in '08. what proportion will go to president obama now? >> you think i have a crystal ball. one thing i can accurately
9:48 am
predict, it will go down. stuart: how much? you've have to give a pro dix. >> the most dire predictions down to 60. stuart: that's dire? >> that's a big shift. about 25% of the past support eroding, do i think it's possible? i think it's possible. do i think it's likely? i don't think it's terribly like i for one reason. whether it is or should be or not. for most american jewish voters, israel is not a huge priority. i may bemoan that. stuart: some say it is a priority and link with israel and america's support to israel is crucial for that vote. >> i think it should be more. i think that's number's going down and i think the ways in which the president can hold on to some jewish support is that the link to israel is crucial, not simply for jews, but crucial for america because there is no country in the middle east that is so well mirrors the values
9:49 am
and commitments of the united states. i think the american jewish voters who support obama resonate to, whether wisely or not, they see in him a character whose values are in line with them and then will trust that his support for israel will get there. do i think a lot of people how have reason to question that the last three and a half years. yes, do i think the numbers are going to go down. >> yes. do i think that the obama campaign should worry about that. and not worry about it because of what it says about american jews. i think that america should worry about it because it says if they are weak about the relationship with israel that's not a jewish vote that's an american security thing that weakens all of us. >> i've got to bring up the issue of president obama's what some see as an apparent tilt towards muslims in the middle east. that's an apparent tilt. apparently to a lot of people, not to mention the refusal to meet with bb netanyahu. >> which i think was a terrible mistake. >> doesn't that lower the number of proportion of the jewish vote for president obama?
9:50 am
>> i think it will. >> only lower to them the upper 60's, upper 70's. >> and i don't know. >> and the most dire? >> i suspect as much again. we're going to agree, stuart. we would wish it would be more. >> i'm not wishing for anything. >> i don't think so it's going to be as significant. in fact, what i would focus on is not a jewish thing or a non-jewish thing, it's a security of the united states thing. any president that cannot maintain an absolutely clearly and strong relationship with our only long-term reliable ally over the last 6 0 years in the region, which is the state of israel, is forget it, alienating jews. that should be alienating to america. stuart: rabbi hirschfeld, a fire prediction might go down to 60 on the jewish vote. you'll be back on that one, 8th or 9th. >> i'm willing to coat plenty of crow on that one, whether it's kosher or not. stuart: rabbi, thank you.
9:51 am
>> thank you. stuart: time for the gold report. 9:50 eastern, where are we? look at that, 1,775 bucks per ounce, up a little bit more today after a big gain yesterday. two big money headlines for you and they are he' from the two biggest cities in the country. and new york bans large sodas and l.a. building a football stadium for a team it doesn't have. one of these stories is actually a good thing. figure it out. monica crowley and ed butowsky are here. we're talking about all of this in just a moment. ♪ this land is your land, this land is my land ♪ ♪ from california to the new york islands ♪ ♪
9:52 am
9:53 am
9:54 am
9:55 am
>> the two biggest cities in america making drastically different decisions. in new york, the board of health approving a ban on large sized sugary drinks. goes into effect in march and that's the government getting in your way, right, monica? >> this is the nanny state gone completely out of control. mayor bloomberg has infringed on our freedoms for a long time, but the soda ban is one step too far. by the way, if you're a business in new york, offer it two for one deal. >> or buy soda, diet soda. you can do that soon, 32 ounces. >> yes. stuart: los angeles the government is getting out of
9:56 am
your way and the mayor's planning committee unanimously approved a football stadium mostly privately funded, but don't have a team, ed. they don't want a team. >> you talk about bans, i think there's a ban on the word austerity in los angeles, they've never heard of austerity measures and spending as though they have money which they don't. stuart: not taxpayer money. >> but tax breaks and issues around that, they're getting around a lot of stuff and i'd look and see how much money did that mayor get from aeg. interesting to see-- >> they're building it and you think there's contribution there is? i'm shocked, shocked, ed. new at 10, social security burning through its cash at a record rate. we have the details on the reasons why. and we're also seeing gas prices rise sharply yet across the country. we're about to show you the big hikes in three cities in swing states. and that's next. you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways.
9:57 am
on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank.
9:58 am
i took my son fishing every year. we had a great spot, not easy to find, but worth it. but with copd making it hard to breathe, i thought those days might be over. so my doctor prescribed symbicort. it helps significantly improve my lung function starting within five minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. with symbicort, today i'm breathing better. and that on! symbicort is for copd including chronic bnchitis and emphysema. it should not be taken more than twice a day. symbirt may increase your risk of lung infections, osteoporosis, d some eye problems. tell your doctor if you have a heart condition
9:59 am
or high blood pressure before taking it. with copd, i thought i'd miss our family tradition. now symbicort significantly improves my lung function, starting within 5 minutes. and that makes a difference in my breathing. today, we're ready for whatever swims our way. ask your doctor about symbicort. i got my first prescription free. or click to learn more. [ male announcer ] if you can't afford your medication, astrazeneca may be able to help.
10:00 am
stuart: the government has broken the record for social security payments made in one year and we have a month left in this fiscal year. the u.s. treasury has reported it broke the record as of the end of august. $724 billion paid out in 11 months. speaking of paying, you are starting to pay more at the gas
10:01 am
pumps in a big way especially if you live in some key swing states. we have numbers just head for you new at 10:00. to the big board. 13,600 on the dow. industrial production is down. maybe ben will print more money so up go stocks again. here is the friday morning company. fox news contributor monica crowley, ed butowksi and nicole petallides on the floor of the stock exchange where i believe apple has just hit another new high. nicole: another record high approaching the $700 mark. there you go. the i phone 5, the pre order, they are already selling out. the most desired product now. stuart: how about facebook? that came back yesterday. nicole: the best they ever this
10:02 am
week and it is still going forward moving ahead. mark zuckerberg talks about smart phones being a key thing. what we are looking at is facebook saying smart books are where it is. the engineering peace to focus and make smart phone the top priority. stuart: put the flag out. thanks very much. we are just getting video of more violence in the middle east game against u.s. and symbols of the west. this is video from lebanon fast food restaurants kfc and hardy's being forged and damaged by stone-throwers. elsewhere we have new numbers on entitlement nation this morning. through the first eleven months of the fiscal year social security paid out $594 billion in traditional benefits. $129 billion in disability insurance. both of those are the highest ever and we still have a month ago in this fiscal year. first comment from you.
10:03 am
>> astounding. a lot of folks are going to the end of their unemployment benefits which have already been extended a number of times by congress. once unemployment benefits run out they turn to disability but also people who were laid off who are falling back on disability benefits. stuart: that is with disabilities for. is not what it is for. it is wrongly used as the taxpayers having to shell out because social security is in the red. >> take this all back to the economy and failure the obama administration has had in giving the economy going. that is why we are seeing this. you see this over and over again. it won't change until we get the economy going and we won't get it going by monetary policy printing money. >> i argue in my book what president obama has done over the last three years is accelerate the tipping point where we become so dependent on government and all of its levels that it is hard to turn the ship
10:04 am
around. we see this in western europe causing a complete implosion. stuart: when you're telling me about western europe? [talking over each other] stuart: we are watching it for you. gas prices on the rise. the national average for regular up a nickel this week. please just look at the spikes in selected cities. travelocity michigan, $4.04 the price up $0.20. columbus, of ohio is a swing state. $3.93 up $0.16 in one week, 394 is up $0.12. the fed will print moving the dollar down and up goes oil. $99.73. a direct hit. you look at the purchasing power. that is a direct hit on the middle-class. >> how much does it cost to live this year versus last year.
10:05 am
when obama decided to fix the economy or try to fix the economy through printing money he said i will make a middle-class's lives more difficult to make ends meet. stuart: he didn't say that. [talking over each other] >> by doing that that is what he did. this is what people don't understand the economy. when you print more money, makes the money you have worth less. therefore in all these cities around the country use the oil prices go up is not a mystical thing that happened. it becomes printing money in this economy. stuart: the inflation figures we have got this morning, consumer price index up 0.6% in one month. >> numbers are bogus. taking numbers on faith, that is the 7.2% annualized rate. on the flip side trying to keep interest rates low. it will cost 7.2% more if annualized over the next 12
10:06 am
months. you have your money in money markets and being taxed or losing 5% purchasing power by doing that. >> these inflationary pressures are bringing the middle class to account. you mentioned fuel. don't forget food. food prices head through the roof. situation in the middle east not going to help gas prices. stuart: only if you go shopping at whole foods. stop and shop at walmart. we have been saying on the show this week recent developments in the middle east are evidence president obama's policies are not working. joining us is ralph peters, author of pain and gettysburg. he is a strategic analyst. welcome back to the show. i want your judgment in three areas. is it your judgment that president obama's policy in the middle east has been a failure? >> catastrophic failure. stuart: that is rather strong.
10:07 am
catastrophic failure? >> it is catastrophic in the sense that for all but seeming good we have done and efforts made in many of these movements and countries the extremist movement have their strength. why have they been strengthened? first of all because apologies are counterproductive. when we apologize as a president cannot, he is addicted to apologies the message it sends fundamentalists and their potential converts is america admits it is bad and did terrible things and by implication america admits it is anti islamic. also there is a curious parallel that i haven't seen or heard anybody pick up. it is uncanny how similar it is domestically. when president obama blames all of our ills on america's rich
10:08 am
and in the middle east the fundamentalist extremists blame all of their bills on rich america. on one level is a form of class warfare and the rich draw history have been easy to blame. something goes wrong is the rich jews, economy in the tank, is not government policy. it is the rich. there's a global aspect to that. i give credit for good intentions to president obama. he's a bleeding heart who wants to do the right thing although not the case in israel which is another story. apologies do not work. they provoke. they in sight. stuart: next judgment. what is your judgment on the u.s.-soviet and its coverage of the last three days in the middle east? >> it mostly covered governor romney's supposed gaf. it has been disgraceful except -- fox from that.
10:09 am
coverage on al-jazeera has been less bias and more comprehensive than cnn. and -- and csn at -- everything gone wrong and was romney's fault. coverage has been naive, and -- stuart: judgment number 3. can we cut defense spending, when this kind of thing is going on in the middle east. if we covered what is the impact on defense posture in the middle east. can we cut defense spending.
10:10 am
and arbitrary and too deep, we have spoken about this. the amount of money, if you cut veteran land forces, in order to buy more weapons that are irrelevant you get a double whammy. where i look at cutting defense related spending would be cutting off all military aid and all aid to egypt if one more event happens on september 11th. stuart: pleasure to have you again. thank you very much. let me give you a quick wrap of the markets this friday morning ending up a busy week. dow industrial average up 72 points above 14,600. that is a five year high. not that far away from an
10:11 am
all-time high. the price of oil close to $100 a barrel. we were there earlier this morning and price of gold bubble little bit more all over again. ben bernanke prints and that could have an impact on the presidential race. low-interest rates in the market rally good for president obama and mitt romney wants to get rid of ben bernanke? congressman kevin brady joins us to weigh in on that. he is firing the president good campaign strategy. we will deal with that. back to nicole because we have netflix shares moving significantly. want to know why. nicole: hard to see what. the trend today for all types of social me and all with up arrows. nasdaq composite up a full percentage point. i will note that we were talking about fact that they are powering ahead. they need to be on the cutting edge or be left behind. i appreciate that and i would hope all ceos are saying that.
10:12 am
stuart: thanks so much. i neglected to bring monica into the discussion. she has a ph.d. in middle east studies. what colonel peters said. >> this president's foreign policy in general but particularly in the middle east is a catastrophic failure. what we are seeing across the entire region is the rise of the islamist. this president move to remove not one but two u.s. allies. hosni mubarak and gaddafi who provided valuable intelligence to the united states. both of those allies are gone. the replacements are al qaeda and the muslim brotherhood and other islamists. this is dangerous not just for us but are key ally in the region which is israel and the fact that this president confined time to meet with david letterman but benjamin not
10:13 am
yahoo!. -- president obama got 70% of the jewish vote in 2008. number could drop. how much money from the jewish community will still flow to president obama this year. it started with this. >> delegates opposed say no. i will do that one more time. all those delegates opposed say no. the motion is adopted and the platform is amended as shown on screen.
10:14 am
10:15 am
stuart: right now we are monitoring the situation across the middle east as europe and cairo, muslim brotherhood called out a massive protests. protesters scuffled with police outside the u.s. embassy earlier. there have been incidents in lebanon, yemen and sudan. good for the price of oil if you see property up $99.75. and ben bernanke's plan to print more money as well. that is why we are seeing a stock rally up big yesterday 200 points up nearly 100 today. gold also continuing its rally up big yesterday up $3 and $17.75.
10:16 am
we're back in 90 seconds. will the money president obama from jewish community will it brought up to what is happening recently? 90 seconds. we are back.
10:17 am
stuart: breaking news on sanctions against the stock exchange. >> improper distribution of market data. so the sec, violating rules
10:18 am
about proprietary customers. sending them to consolidated so basically it is improper distribution, stocks and others. stuart: trying to read between the lines. some people got a leg up in the trading session and got information -- >> that is what that means and why the nyse agrees to sell these charges. and financial penalty. two things to notes and one dates back to 2008 and started back then and made an agreement to do more cautious things including having a consultant to review market data. another watchdog. stuart: doesn't do much for market confidence from the little guy. that is not a piece of good news. we appreciate it. i have more breaking news right now from the middle east.
10:19 am
this is from reuters. protesters have jumped the wall into the compound of the u.s. embassy. the wall street journal reports u.s. marines have been sent to yemen to secure the embassy. those news developments just in. many jewish voters concerned about the tension in the middle east and worried how the tension will affect our relationship with israel especially because of the perceived lukewarm support from president obama. a pro israel group is out with this new ad. just watch it. >> i those delegates opposed? say no. i will do that one more time. are those delegates opposed say no. all those delegates opposed say no.
10:20 am
stuart: will this hurt the president not only with votes but donations? joining us is a republican strategist. is there any evidence that financial support from the jewish community to president obama is beginning to dry up? >> support from president obama to the jewish community financial voting activism and from line activism in politics for many years mostly for the democrats. this year not happening. bob turner special election year, that is my district. congressional district -- an orthodox jew democrat was running against an unknown catholic republican and orthodox jews in the community basically a pure grassroots play putting turner into place. and help with the campaign for the end and get a sense what was going on.
10:21 am
i called my house. who are you voting for? turner. toomey favor. don't let imam boats. ask her to stay home. she is voting for turner also. put her on the phone. i want to send a message to barack obama. what is the message? you can't treat israel this way. stuart: is there a tie in between the scenes we saw reflate at the dnc with this win a tick voice votes about israel having the capital of jerusalem is there a tie-in between that and what is happening in the middle east now and the refreeze of jewish support for president obama? >> 100%. there's a connection. talking about it this morning the policy is disastrous. the jewish new year this weekend. a year ago president obama's raja shot a message to the jewish community was celebrating the arabs spring. he is cliff from the get go.
10:22 am
stuart: when you are a republican strategist. you know what side of the aisle you are on. you are opposed to president obama. do you think the proportion of the jewish vote which was 70% in 2008 will come down and if so by how much? >> people have been saying, 60%, wiki is if you have enough ground game in florida will make a difference. we delivered 50,000 votes over and above previous years and that is what we need. stuart: will that happen again? you can deliver florida for mitt romney? >> we know we can deliver florida and ohio. stuart: we have our rabbi who said maybe the jewish vote will come down to 60%. [talking over each other] >> at the end of the day it is about the vote of americans who care about israel and there are tens of millions of americans
10:23 am
from israel one of the top three issues. the economy and social moral issues and israel and much bigger than the jewish vote. stuart: got to point that out. thank you for joining us. i have just got to tell you the dow jones industrial average is up 112 points. 1 hundred six yesterday. 112 now. ben is printing up a storm which is why the market is going up. ben prints and that could have an impact on the presidential race. low-interest rates and market rally good for president obama and mitt romney wants to get rid of ben bernanke. that is interesting. if ben bernanke goes mitt romney wins. do interest rates go up? how do you get elected on that? kevin brady joins us next and that will be the question. can you get elected if you want to get rid of ben bernanke? listen to this. >> my view is i would want a new
10:24 am
member, new person in the chairman's position. someone who shared my economic views. i'm freaking out man.
10:25 am
he's, he's on my back about providing for his little girl. hey don't worry. e-trade's got a killer investing dashboard. everything is on one page. i'm watching you. oh yeah? well i'm watching you, watching him. [ male announcer ] try the e-trade 360 investing dashboard.
10:26 am
not quite knowing what the next phase was going to be, you know, because you been, you know, this is what you had been doing. you know, working, working, working, working, working, working. and now you're talking about, well you know, i won't be, and i get the chance to spend more time with my wife and my kids. it's my world. that's my world. ♪
10:27 am
stuart: breaking news from reuters. the capital of tunisia. broken windows in the u.s.
10:28 am
embassy compound. this is a very fluid situation breaking right now. people in the embassy compound or inside the embassy building. we do not know that. set fire to the trees. check the market. it is having an impact on the market. not so much stocks. and ben bernanke -- ben bernanke printing more money. the dow at 1396. gold reacting to the middle east but more to ben bernanke. three higher today. and the middle east play as well as ben bernanke. $99.73 up $1.42. and $3.87 for regular $4.12. ben bernanke print.
10:29 am
the market's rally. and listen to this from augusta. >> he is a new member. should be a new person in the chairman's position. someone who shared my economic views. >> kevin brady joins us from capitol hill. >> thanks for having me. stuart: if it was president romney and he replaced ben bernanke and replaced him with someone who wants to stop printing money interest rates will go straight up and our economy would go straight down. >> governor romney. has the right to choose a fed chairman who agrees with him. i think governor romney heads this issue on target for two
10:30 am
reasons, the fed actions yesterday seeming rebuke to the obama administration. the fed still feels obliged to try to stimulate the economy. secondly, long-term interest rates and liquidity are not the roadblocks to the economy. while you are getting a sugar high on wall street, as he reported, job creators in the rest of the country, this will not move them at all. stuart: this widespread agreement that it will not move the economy, let me get back to what i was saying earlier, if you do not print money and there is no more action from the fed, don't interest rates rise? known to hit that cliff, all of a sudden, that could happen if bernanke goes.
10:31 am
>> i don't think a cliff is necessarily the result of that. you cannot continue at this near zero interest rate regime for four years. it is masking the true side of the deficit. i think it will add tremendous fuel to and inflationary spiral down the road. i like the fact that governor romney is not ducking the big issues, especially how we get this economy back on track. stuart: kevin brady, always good to have you with us. i have breaking news. we have another embassy under attack. protesters have jumped over the wall into the u.s. embassy in sudan. reuters also says protesters have set fires to trees and broken windows inside the u.s. embassy in tunis.
10:32 am
this is definitely spreading right now. we are watching everything very closely. do you have anything to add? >> let's take a snapshot of what you just said. we are being attacked overseas right now. our dollar is being attacked by the obama administration. stuart: wall street has gone up. >> by the way, we keep talking about rate being low. long-term rates, the government does not control. stuart: also, before this news from tunis and sudan, we were up 110-115 points. now we are up 88. there could be a bit of a pullback in stocks. we say the republican party is a non-entity in california. dead.
10:33 am
gone. jerry brown and the democrats will rule no matter what. one of the leaders of the republican parties and california will join us. even chris christie agrees with us. >> california made a bad choice. let me tell you this, i cannot believe you elected jerry brown.
10:34 am
10:35 am
10:36 am
10:37 am
stuart: more breaking news coming thick and fast. another embassy under attack. a reuters reporter says he hears gunfire at the u.s. embassy in sudan. they also say protesters have set fire to trees, broken windows inside the u.s. embassy in tunis. moment to moment, we bring you the developments. something totally different. californians remain on fantasy island. the state has a floating deficit. voters continue to vote for pratt. here is chris christie again on that one. >> jerry brown?
10:38 am
jerry brown? he won over jimmy carter when i was 14 years old. [laughter] now i have to sit at the national governors association with this guy and have him come up to me, stop telling people i am trying to raise taxes. yes, you are. no, chris, i am not. i am going to put it on the ballot and let you decide. stuart: that was good. 57% of california supporters are for president obama. the republican party is dead. california republican party chairman, he may disagree with me. president obama will win
10:39 am
california. you know that, don't you? >> i don't think he will do as well is that current poll, though. stuart: statewide election to democrat. your party barely exists. the republican party in california reminds me of new york. >> the sun is rising. we have more republican officials in california than democrat. we have the largest reform in america in regard to pension. we have prop 32 with will change the american electric. stuart: you explain prop 32 to me. >> it banned direct contributions from unions and corporations to candidates and it also provides paychecks to
10:40 am
unions. it is pulling in 53%. and california, as i told you, san jose, a very democrat city, 69%-31%. san diego did the same thing. stuart: republicans that put forward these measures? >> there is the changing tide. democrats are bottoming out. they have the assembly. they have the senate. they have governor brown. who will they blame the economy on, they only have themselves. stuart: can you get elected statewide if you are going home for private enterprise, vigorous corporation, fewer rules can't get rid of the public sector were unions, can't you get elected?
10:41 am
>> you will see a lot of people run and and want to run and for governor. california has lost 2 trillion of the nation's 7 trillion home equity. the democrats have run out of excuses. you will see a revival in california. stuart: we are out of time. i am sorry i was so harsh on you earlier. >> politics is a pendulum game. stuart: really? the president will wind california by 15 points. thank you. we do thank you for being here.
10:42 am
please, come again. by the way, the dow industrials have lost 40 points since we began reporting this latest spreading of the violence in the middle east. tunis and sudan, protesters over the wall in both places. the middle-class shrinking, income down for the fourth straight year. one of the last times i discuss this topic with our next guest. they are not what they used to be. [laughter] 99% have refrigerators. you chilling mother the
10:43 am
10:44 am
♪ stuart: a solid stock market rally continues on wall street right now. we were up 206 yesterday. news over bernanke printing a lot of money. the economy remains very weak. look at apple hitting new highs today. close to $700 a share.
10:45 am
the tech geeks are not thrilled with the new iphone. regular folks are buying it big-time. linkedin, groupon, zynga, they are all going nicely today. a change in the towel industrial average. united healthcare will be added and kraft is coming out. u.s. household income levels are back. we are on it 90 seconds from now. ♪ [ female announcer ] our wells fargo bankers are here to listen, offer guidance and provide you with options tailored to your business. we've loaned more money to small businesses than any other bank for ten years running. so come talk to us to see how we can help. wells fargo. together we'll go far.
10:46 am
10:47 am
stuart: as the breaking news continues on the attacks on u.s. embassies, the ap reports that a large cloud of wax smoke can be seen around the u.s. embassy in tunis. five people have been reportedly shot by police there. both of those u.s. embassies have been stormed in the last hour or so. the dow jones industrial average is up just 64-point now. could be that the news from north africa is hurting the stock market. let's go to palo alto. liz claman is there. >> perfect set up. the people we will be profiling for you today. rogers are a big concept here in
10:48 am
silicon valley. let's take you inside. you can see here, this is how they do it, stuart. the founders sit right here on tables and desks. they come up with ideas and their idea is working. they have jumped to 20 million. they are charging 25,000-$1 million add. people are starting partnerships with them. we have both cofounders today with us. we have sandisk, electronic arts, sony computer entertainment, all day long. this is what we talk about, creating jobs, stuart, right
10:49 am
here in silicon valley. stuart: thank you. that average americans income is back to where it was back in 1995. the medium household income fell to $50,054. down for the last four straight years. it is 9% lower than it was in 1999. it seems to me that in these numbers, we are not including transfer payments from the government to the poor. if you do include those transfer payments, the poor are actually doing a little bit better than the middle-class which is is really doing badly. >> that is exactly right. according to the census report, we now have 11 million more adults without work and when the recession began five years ago. the number of full-time workers
10:50 am
is down by 8 million. working families are suffering because they lost one or more job earners. the wealthier state is going gang busters. spending close to $1 trillion a year assisting low income people. when the census goes to combat, that is $9000 per recipient. the poverty numbers are essentially meaningless. stuart: do you blame the decline in the last four years, due to directly blame president obama? >> the recession was not caused by president obama. the recession pulled jobs down. the number of adults without work at all, that continues to get worse. it got worse last year, not better. obama has failed to brief --
10:51 am
rebuild jobs in america. stuart: are you making fun of the poor? >> no. i think we have to be honest when the american public hears the word poverty, they think about someone who is homeless. all poor people, almost all poor people live in a house. four out of five poor people say they were not hungry for even a single day during the year. nineteen out of 20 children were not hungry. 80% of poor households have air conditioning, two thirds have cable tv, half of them have a computer, 40% of them have internet, 25% of them have a tivo. stuart: you better watch jon
10:52 am
stuart tonight. robert, thank you for watching us. we will be right back. you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.
10:53 am
10:54 am
10:55 am
stuart: we have an update now on what has been a very eventful and distressing power on news coming out of africa.
10:56 am
our embassies and tunis and sudan have been stormed by protesters. five people have been reportedly shot by police at the embassy in tunis. this is tunis. reuters reported that gunfire is being heard at the u.s. embassy in sudan. that compound also under attack from demonstrators before. the dow is up about 60 points. let's bring it all together, monica. what do you think is going on? >> united states is is under attack. keep in mind, we have a new access of terror. the muslim brotherhood has the ground game. they can get and angry mob mobilized in about two seconds. what you are now seeing is a mobilization against the united
10:57 am
states. stuart: you are speculating that they are to gather. >> they are now working together. stuart: you do not know this, you are speculating this. >> they now have an ally in the muslim brotherhood. they have created a new alliance. the syrians are all a part of this as well. none of this is by coincidence and none of this is happening spontaneously. stuart: i would love to get your comments on the impact of the financial markets. i have to go to a break and we will be back in a few moments, i promise. [ engine revving ]
10:58 am
♪ [ male announcer ] every car we build must make adrenaline pump and pulses quicken. ♪ to help you not just to stay ale...
10:59 am
but feel alive. the new c class is no exception. it's a mercedes-benz through and through. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today and discover another reason serious investors are choosing fidelity. stuart: it is a very busy day for your money and the world. here is connell and

Varney Company
FOX Business September 14, 2012 9:20am-11:00am EDT

News/Business. Wall Street news. New.

TOPIC FREQUENCY Us 27, Ben Bernanke 21, Israel 16, U.s. 14, America 14, California 12, Obama 10, Romney 9, Tunis 8, Florida 8, Sudan 8, Reuters 5, Egypt 5, Cairo 5, Kevin Brady 4, New York 4, Jerry Brown 4, United States 4, Humana 3, Lebanon 3
Network FOX Business
Duration 01:40:00
Scanned in San Francisco, CA, USA
Source Comcast Cable
Tuner Virtual Ch. 130 (Fox Business)
Video Codec mpeg2video
Audio Cocec ac3
Pixel width 704
Pixel height 480
Sponsor Internet Archive
Audio/Visual sound, color

disc Borrow a DVD of this show
info Stream Only
Uploaded by
TV Archive
on 9/14/2012